A monopolist faces the prices and variable costs shown in the table below. They also have fixed costs of $100. Output Price Total Variable Cost 0 $300 $0 1 $280. $100 2 $270 $190 3. $250 $270 4 $200 $340 5 $150 $420 6 $100 $510 7 $50 $610 What will be the short-run profit of this firm? 0 a. $380 O b. $360 O c. $250 d $230 0 e. $80 What will be the long run profit of this firm? a. 380 b.360 c. 250 d. 230 e. 80
A monopolist faces the prices and variable costs shown in the table below. They also have fixed costs of $100. Output Price Total Variable Cost 0 $300 $0 1 $280. $100 2 $270 $190 3. $250 $270 4 $200 $340 5 $150 $420 6 $100 $510 7 $50 $610 What will be the short-run profit of this firm? 0 a. $380 O b. $360 O c. $250 d $230 0 e. $80 What will be the long run profit of this firm? a. 380 b.360 c. 250 d. 230 e. 80
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
A monopolist faces the prices and variable costs shown in the table below. They also have fixed costs of $100.
Output
0 $300 $0
1 $280. $100
2 $270 $190
3. $250 $270
4 $200 $340
5 $150 $420
6 $100 $510
7 $50 $610
What will be the short-run profit of this firm?
0 a. $380
O b. $360
O c. $250
d $230
0 e. $80
What will be the long run profit of this firm?
a. 380
b.360
c. 250
d. 230
e. 80
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